Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on January 09, 2024, 01:14:19 AM
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BTC has increased from $15K to $47K, leading the entire crypto market into a recovery phase. Optimism and greed began to take over investors' minds and it seemed that many investors forgot about the risks in this market.
Scammers love this period because it's easy for them to "hunt" unsuspecting prey. The early 2024 scam was MangoFarmSOL: The losses from the scam are estimated at nearly $2 million, and Dev behind the scheme has claimed that they were forced to create Ponzi schemes due to financial difficulties. This incident highlights the risks associated with investing in DeFi projects, particularly those that offer unsustainable high yields[1].
I think Solana was chosen because:
- Fast speed and low transaction fees make it easy to attract users.
- SOL and tokens in the Solana ecosystem such as BONK have had impressive growth, attracting many F0.
- High profits in ecosystem cause investors to be caught off guard and FOMO.
This event reminds us that we need to research projects carefully before participating and avoid projects with unsustainable development strategies.
Do you think that with the development of Audit services, there will come a time when we will no longer see rug pulls in crypto market? Will these events have a negative impact on the recovery of crypto market in 2024? Are lawmakers taking advantage of scams like this to crack down on crypto?
[1] Funds on MangoFarmSOL drained, community alleges rug pull (https://cointelegraph.com/news/funds-mangofarmsol-drained-community-rug-pull)